As a neutral industry forum, FISD creates and supports working groups that facilitate member sharing of information and ideas, and the development of industry consensus. Most of these groups are open to all FISD members. Listed below are opportunities for working group participation. For many meetings, you may participate in person (NYC or London depending on the month) or via conference call. Agendas are provided to participants prior to the meetings and followed by meeting notes.
Constituency Groups provide a unique opportunity to candidly address financial data business issues and practices with your colleagues from firms in your same industry segment. Participation in each group is restricted to FISD members of the corresponding constituency. The groups meet at the Quarterly General Meetings and as needed. You may participate in-person or via dial-in. Members are encouraged to submit agenda items, and meeting notes are distributed. Constituency Groups develop and promote consensus positions on issues related to specific events or parties, and broad industry concerns.
Consumer Group: Tom Davin +1 202-789-4465 *By invitation only
Exchange Group: David Anderson +44(0)1825 791382 *By invitation only
Data Vendor Group: Nick Merritt +1 202-789-4441 *By invitation only
Credit Rating Agencies Group: Tom Davin +1 202-789-4465 *By invitation only
Exchange Constituent Group Charter (effective July 8, 2013):
Consistent with the bylaws of SIIA and FISD, and in particular article xvi of the SIIA bylaws, and SIIA’s antitrust compliance policy, the FISD Exchange Constituent Group brings together members from exchanges and other market centers to address issues related to the collection, creation, distribution, management and usage of financial information. A main focus is sharing non-competitive information on practices and policies in order to streamline business and administrative processes for the benefit of exchanges, their distribution partners, and customers. The group may identify and articulate common positions on industry issues and respond to other FISD and industry groups as appropriate.
Credit Rating Agencies Group (CRA-CG) Bylaws (effective September 2015)
European Credit Rating Agencies Group (CRA-CG) Bylaws (effective August 2015)
Technology Forum: The Technology Forum is a program of events and activities that focuses on the wide range of issues and opportunities that exist in the field of infrastructure, communications and applications technology, and support and underpin real time market data. The audience consists of those who would be considered pure technologists and those with less of a technology background who are want better understand the role of technology in this sector.
Current FISD Working Groups
Business Issues Policy and Practice Standards (BIPPS):
The Group facilitates member discussions on issues related to vendor and exchange market data distribution and usage policies. Past activities have focused on the development and promotion of best practice recommendations for policies on unit-of-count, derived data, delayed data products, and non-display usage of data. Recent activities have included the compilation of the ‘FISD Glossary’ to increase consistency in market data language and terminology and a review of new products and services designed to enhance the transparency of exchange data policies.
-Staff Contact: Tom Davin
CCG U.S. Exchanges Sub-Group:
This sub-group of the FISD Consumer Constituent Group focuses on policy and practice issues related
to market data from U.S. exchanges and consolidated tape plans like CTA and UTP. Participation in this group is limited to FISD Consumer Members (i.e. financial institutions like banks, brokerages, and investment managers that consumer financial information).
-Staff contact: Tom Davin +1 202-789-4465
CCG Vendor Scorecard Group: This sub-group of the Consumer Constituent Group (CCG) has developed a model vendor scorecard (member access only). This scorecard is intended to be a tool for CCG members to use as they develop and enhance their own scorecards. It is generally meant to facilitate 1-1 communication between a customer and a vendor. The form contains 70+ attributes grouped into six main categories. The group plans to meet from time to time to review the adoption of the document and refine it. This document is for the exclusive use of FISD member firms.
-Staff contact: Tom Davin +1 202-789-4465
Index Consumer Group: This offshoot of the Index Forum Interest Group addresses issues of interest consumers and users of index data. Topics include index licensing models, index billing and invoicing procedures, and managing index data and entitlements. Participation in this group is limited to members of the Consumer Constituent Group (i.e. banks, brokerage firms, and investment managers).
MiFID Real-time Transparency Group: FISD chairs the Real-Time Transparency Group to address issues related to the collection and publishing of pre- and post-trade market data under MiFID. The group created the White Paper on Real-time Transparency under MiFID which was influential in informing the industry and regulators on the likely implications of MiFID for the market data industry. In 2012 addressed issues surrounding MiFID II and produced second White Paper in August 2012.
-Staff Contact: David Anderson +44(0) 1825 791382
Non-Professional Classification Working Group
This working group is open to all FISD members who are interested in the operational and policy challenges associated with definition, administration, and compliance activities related to non-professional users.
-Staff Contact: Tom Davin +1 202-789-4465
Service Level and Communications Working Group: The group focuses on enhancing communication and service provision between Content Providers, and the distributors and end-users of their data. The Working Group has created and updated a Best Practice Recommendations document which provides suggested guidelines for levels of service and communication in five core areas: scheduled interruptions and change management; unplanned interruptions; notification periods for general activities; system considerations and data recovery; and administrative policies. The Group has a Content Provider Tracking Program to provide commentary on how well exchanges adhere to the Group’s suggested recommendations. The Group annually recognizes an exchange as ‘Outstanding Data Provider’ who has most closely adhered to the spirit of the Best Practices document.
-Staff Contact: Nick Merritt +1 202-789-4441
Past FISD Working Groups
Listed below are several FISD working groups that have completed their original charter and are now dormant. As new issues and events transpire, FISD members may determine that a group needs to be brought back to active status to address them.
Anti-Piracy: The Anti-Piracy Working Group addressed the piracy and misuse of market data in its many forms. Members of the Working Group sought to enlighten and educate several target audiences regarding unauthorized use of data and proprietary content and the ramifications of this misuse. Members of the Group also communicated among themselves to provide different perspectives on how to avoid, recognize, discourage, and address misuse of data. Content Providers within the group were surveyed to gauges the level of piracy and misuse of market data.
Audit: The Audit Working Group addressed the issues and topics surrounding the market data audit process. The Group’s primary objectives were to increase efficiencies within the process and promote greater consistency within the industry. To that end the Group produced a Best Practice Recommendations document in March 2009 that provides guidance in areas such as the frequency of an audit, the period of time an audit should cover, and notification of an audit.
Business Entity Identifier: Focused on the identification of entities and their relationships to one another. An "Entity" is any person or organization that issues, owns, trades, reports on, or regulates securities. Accurate identification of entities and their relationships is critical to meet laws and operations requirements related to KYC, AML, MiFID etc. The group monitored developments within and provided input to ISO TC68/SC4 Working Group 8 (WG8), which was tasked with proposing a standard for the IBEI, or International Business Entity Identifier.
Billing and Invoicing (BIWG): This Working Group concentrated on billing practices, specifications, and processes that can be standardized to the benefit of all parties in the billing process. To that end the Group has created a Best Practice Recommendations document that provides suggested guidance in the areas of billing options (for example, electronic formats and self-invoicing), billing cycles, and the level of customer service.
CRISP Working Group: Group created by and restricted to members of the FISD Constituent Group. The group's goal was to develop a tool to assist consumers with communication of contract terms and conditions and encourage suppliers to use "Contracts which are Readable, Intuitive, Standardized, and Precise."
Data Model Working Group: This group formed as a joint effort of FISD and FIX Protocol Limited (FPL) to create a relational database model for financial instruments based upon FISD's MDDL 3.0. This model supports the FIX instrument component(s) to improve integration of financial instrument data and the use of FIX enabled services. The database model was based upon existing industry standards and widely adopted database products. Participation was open to any member of FISD or FPL.
Index Creator Group: This offshoot of the Index Forum Interest Group addresses issues of relevance to index creator firms. Topics include exchange pricing policies for index component data, derived data and intellectual property, and the audit process. Participation in this group is limited to individuals representing index creators.
MiFID Commercial/Contract Sub-group: The Contract and Commercial Sub-group created a Framework for Contracts and Policies as a resource for new sources of MiFID transparency data. The Framework provided industry advice on best practices for contracts, policies, and commercial terms.
MiFID Forum: FISD was a founding member of the MiFID Forum for the EU's Markets in Financial Instruments Directive compliance. The Forum was comprised of major industry associations including FISD, ISITC Europe, FIX Protocol, and TWIST that joined forces to address the various requirements created by the MiFID.
Operational Risk and Regulatory Review Committee: The group was a venue in which members could monitor, share, and discuss ongoing regulatory developments related to financial information and acted as resource for policy makers and regulators seeking to understand data management and distribution at financial institutions. Activities included discussion of current practice and best practices for market and reference data operations, quality metrics and costs, and risk measurement. Most recently the group focused on proposals for the creation of government-supported reference data utilities (e.g., Office of Financial Research in the U.S., ECB in Europe).
Have an issue that is not being covered by an existing group? Contact us.